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Cash for Appliances offers free rebates
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The Obama administration announced the economic stimulus plan dubbed Cash for Appliances last month, but it's gained new attention as the program nears active status.
With some differences to the wildly popular Cash for Clunkers program, one noteworthy change is that a trade-in is not required to obtain monetary incentives. The incentives will be in the form of consumer rebates which can be used towards the purchase of new refrigerators, washing machines, dishwashers, air conditioners and the like.
Depending on the product and the state of residence, the rebates will run between $50 and $200 for energy efficient purchases.
Cash for Appliances may not only stimulate the economy but help reduce energy consumption and utility bills. Old appliances simply consume more power. For instance, a newer washing machine may save $10 or more dollars a month in electricity consumption, a new microwave $5 dollars. It all adds up.
Though the program is not without some critics. $300 million dollars in taxpayer monies has been set aside for it and 10 to 25 percent of the funds will cover administrative costs. At 25 percent that equals $75 million, simply to implement an unproven economic-energy plan.
According to the Department of Energy, the Recovery Act appropriated funds for the program are designed to help achieve the national goals of spurring economic growth, creating jobs, saving energy and reducing greenhouse gas emissions. States and territories can use these funds to leverage the utility companies and energy efficiency program sponsors in their area.
The Cash for Appliances program will be available in some states as early as November, which may help Black Friday fans save more. States are allocated funds based on population and their proposals are due October 15.
To check out how much of a rebate is available, look to the Department of Energy website (energy.gov) or your state government website for updates.
Sources:
http://abclocal.go.com/kabc/story?section=news/consumer&id=6981253
U.S. Dept. of Energy
